CBIO Stock — Crescent Biopharma Inc.: Cash, EV, Pipeline

What they do

Our company, formerly known as GlycoMimetics, Inc., is a biotechnology company that is the result of a reverse recapitalization transaction with a private company named Crescent Biopharma, Inc. (“Pre-Merger Crescent”). Prior to the reverse recapitalization transaction, Pre-Merger Crescent was established and incorporated under the laws of the state of Delaware on September 19, 2024.

Source: 10-K FY2025 via SEC EDGAR

Share price

$14.58

Market cap

$541.6M

Cash

$171.6M

Enterprise value

$370.0M

Balance sheet

Cash	$171.6M
Debt	$0.0M
Net cash	$171.6M
Enterprise value	$370.0M
Basic shares	27.8M shares
Fully diluted shares	42.9M shares
Fully diluted market cap	$625.0M
Cash per share	$6.18
Quarterly burn	$19.5M
Cash runway	8.8 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-11.

Share structure

Common

27.8M

Pre-funded warrants

4.1M

Options

6.6M

RSUs

0.6M

Warrants

0.4M

Converts

0.0M

Conv preferred

2.9M

ESPP reserve

0.5M

FDSO

42.9M

Cap table as of 2026-06-30.

Price history

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Next catalyst

CR-001 · Est. Feb 14, 2027 · quarter midpoint · guided in 7 wks

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Feb 14, 2027 in 7 wks quarter midpoint	CR-001 ASCEND Phase 1/2 global trial proof-of-concept	Phase 1/2	Not disclosed	Q1 2027
GUIDEDEst. Feb 14, 2027 in 7 wks quarter midpoint	CR-003 China Phase 1/2 trial in advanced solid tumors proof-of-concept	Phase 1/2	advanced solid tumors	Q1 2027
GUIDEDEst. May 16, 2027 in 5 mo quarter midpoint	CR-001 ASCEND dose expansion: CR-001 in combination with standard of care chemotherapy	Not disclosed	ASCEND dose expansion: CR-001 in combination with standard of care chemotherapy	mid-2027 (Q2/Q3)
GUIDEDEst. May 16, 2027 in 5 mo quarter midpoint	CR-001 China Phase 2 trial of CR-001 in combination with sac-TMT in NSCLC	Phase 2	NSCLC	mid-2027 (Q2/Q3)
GUIDEDEst. Sep 30, 2027 in 8 mo half midpoint	CR-002 Global Phase 1/2 trial in solid tumors proof-of-concept	Phase 1/2	solid tumors	H2 2027
GUIDEDDec 1-31 in 13 mo	CR-003 + CR-001 Phase 1/2 combination trial of CR-003 and CR-001	Phase 1/2	Not disclosed	year-end 2027
Mar 15 - Apr 26 in 28 mo	CR-001	Phase 2	Locally Advanced / Metastatic Solid Tumors	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

CR-001

Phase 1 · Active Modality: bispecific antibody

Target VEGF x PD-1

Partnerships Paragon Therapeutics: worldwide exclusive license for antibodies (up to $22M development/regulatory milestones, incl. $2.5M paid on first human dosing Feb 2026; $3M on first Phase 2 dosing; low-to-mid single-digit royalties). Kelun: out-license for Greater China (Dec 2025; $20M signing payment, $15M transaction price; Kelun initiated a combination study July 2026)

Indications

Locally Advanced / Metastatic Solid Tumors (Phase 2)

Status note Lead program; first patient dosed in Phase 1 trial February 2026. Company is substantially dependent on CR-001. Indication not stated in this filing.

CR-002

Preclinical · Active Modality: antibody-drug conjugate (ADC)

Target PD-L1

Partnerships Paragon Therapeutics: worldwide exclusive license (up to $46M development/regulatory milestones; $5M paid on development-candidate nomination Oct 2025; $5M on first Phase 1 dosing; tiered royalties)

Status note Development candidate nominated October 2025; not yet in the clinic.

CR-003

Stage not disclosed · Active Modality: antibody-drug conjugate (ADC)

Aliases SKB105

Target integrin beta-6

Partnerships Sichuan Kelun-Biotech: exclusive license ex-SKB Territory (Dec 2025 asset acquisition; Kelun obligated to develop/commercialize; revenue-sharing on sub-licensing within 18 months)

Status note Kelun's SKB105, which the company intends to develop as CR-003. The former CR-003 ADC option program with Paragon was terminated March 26, 2026; CR-003 now refers to SKB105.

Per-asset detail extracted from the 10-Q filed 2026-07-30. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	CR-002
Lead indication	Head and Neck Squamous Cell Carcinoma (HNSCC) - Recurrent/Me
Lead phase	Phase 2
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07335497	Phase 2	Recruiting	Sponsor	CBIO	—	Locally Advanced / Metastatic Solid Tumors	Q1 2027 Est. Feb 14, 2027 · quarter midpoint

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Crescent Biopharma, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
BVF Partners	2,748,763	no change	1.27%	2026-08-14
Logos Global Management	1,900,000	+1,417,500	1.47%	2026-08-14
Tang Capital Partners	1,160,000	no change	0.95%	2026-08-14
Boxer Capital	453,686	no change	0.62%	2026-08-14
RTW Investments	372,856	no change	0.06%	2026-08-14
Perceptive Advisors	206,942	no change	0.06%	2026-08-14
Stonepine Capital	40,000	-45,000	0.55%	2026-08-17
ADAR1 Capital Management	18,275	-31,998	0.02%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

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CBIO — Crescent Biopharma Inc. ☆